International Container Services, Inc. (ICTSI) port and terminal in Manila. Handout

MANILA-- The Philippines' trade deficit increased in May, the state statistics bureau said on Wednesday.

The Philippine Statistics Authority (PSA) said the country’s total external trade in goods in May this year amounted to $17.26 billion, lower by 1.2 percent from $17.46 billion in May last year. 

The trade gap meanwhile went up by 4.5 percent as exports reached $6.33 billion, while imports were valued at $10.93 billion. 

Of the total external trade in May, 63.3 percent were imported goods, while the remaining were exported goods, the PSA said.

Electronics remained the country's top export, with earnings reaching $3.56 billion or 56.2 percent of the country’s total exports during the period.

It was also the country's top import, making up 19.7 percent of total imports at $2.15 billion.

The United States remained the Philippines' biggest export market ($1.08 billion), followed by Hong Kong ($904.79 million), Japan ($882.7 million), China ($847.12 billion) and Thailand ($267.14 million).

Meanwhile, the biggest source of imports was China ($2.73. billion), followed by Korea ($989.6 million), Indonesia ($972.15 million), the United States ($6748.19 million), and Thailand ($707.44 million).

PH trade deficit slips in March